SkyWest, Inc. (SkyWest) (Nasdaq: SKYW) today reported operating revenues of $742.4 million for the quarter ended December 31, 2005, a 127.2% increase, compared to $326.7 million for the same period last year. SkyWest reported net income of $38.7 million for the quarter ended December 31, 2005, or $0.64 per diluted share, an 82.1% increase, compared to $21.2 million of net income or $0.37 per diluted share for the same period last year.
SkyWest reported operating revenues of $2.0 billion for the year ended December 31, 2005, a 69.9% increase, compared to $1.2 billion for the same period last year. SkyWest reported net income of $112.3 million for the year ended December 31, 2005, or $1.90 per diluted share, a 37.0% increase, compared to $82.0 million of net income or $1.40 per diluted share for the same period last year.
On September 7, 2005, SkyWest completed the acquisition of Atlantic Southeast Airlines (ASA) from Delta Air Lines, Inc. for the purchase price of $426.6 million. The total purchase price of $426.6 million and $50 million related to certain aircraft financing deposits were paid to Delta at closing and in December 2005 when Delta obtained authorization from the U.S. Bankruptcy Court to affirm its renegotiated Delta Connection agreements with SkyWest Airlines and ASA. As a result of the acquisition, ASA became a wholly-owned subsidiary of SkyWest and SkyWest's consolidated operations and financial results for periods subsequent to September 7, 2005, reflect the financial and operating results of ASA (including the addition of 153 aircraft operated by ASA for such periods). The following discussion of the primary items of significance for SkyWest includes the operating activity of ASA during the period of the acquisition date through December 31, 2005.
PR Newswire
SkyWest reported operating revenues of $2.0 billion for the year ended December 31, 2005, a 69.9% increase, compared to $1.2 billion for the same period last year. SkyWest reported net income of $112.3 million for the year ended December 31, 2005, or $1.90 per diluted share, a 37.0% increase, compared to $82.0 million of net income or $1.40 per diluted share for the same period last year.
On September 7, 2005, SkyWest completed the acquisition of Atlantic Southeast Airlines (ASA) from Delta Air Lines, Inc. for the purchase price of $426.6 million. The total purchase price of $426.6 million and $50 million related to certain aircraft financing deposits were paid to Delta at closing and in December 2005 when Delta obtained authorization from the U.S. Bankruptcy Court to affirm its renegotiated Delta Connection agreements with SkyWest Airlines and ASA. As a result of the acquisition, ASA became a wholly-owned subsidiary of SkyWest and SkyWest's consolidated operations and financial results for periods subsequent to September 7, 2005, reflect the financial and operating results of ASA (including the addition of 153 aircraft operated by ASA for such periods). The following discussion of the primary items of significance for SkyWest includes the operating activity of ASA during the period of the acquisition date through December 31, 2005.
PR Newswire
